ANN ARBOR, Mich.--(BUSINESS WIRE)--Kraig Biocraft Laboratories, Inc. (OTCQB: KBLB) (“Company”), the leading developer of spider silk based fibers, announces today that the Company has been awarded an increased investment license for expansion of its recombinant spider silk production at Prodigy Textiles, its Vietnamese subsidiary.
Under the new license, the Vietnamese government increased the Company’s potential investment cap, to as high as $50 million USD. This significantly increased investment limit will now allow the Company to prepare for the second phase expansion, planned for a 123 acre site located near Prodigy Textiles’ existing facility, and is part of the Company’s systematic and structured plan to expand capacity.
This new license was awarded during a recent trip to Vietnam, taken by the Company’s COO, Jon Rice, to oversee phase one production implementation. After reviewing the progress made under this first phase and meeting with Prodigy Textiles’ president, Vietnamese officials authorized the expansion of the Company investment in scaling up recombinant spider silk production.
“The granting of this expanded license is a demonstration of confidence in Kraig Labs and the potential our eco-friendly spider silk technology has to dramatically alter the global markets for silk and performance textiles,” said Rice.
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About Kraig Biocraft Laboratories, Inc.
Kraig Biocraft Laboratories, Inc. (www.KraigLabs.com), a reporting biotechnology company is the leading developer of genetically engineered spider silk based fiber technologies.
The Company has achieved a series of scientific breakthroughs in the area of spider silk technology with implications for the global textile industry.
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Statements in this press release about the Company’s future and expectations other than historical facts are “forward-looking statements.” These statements are made on the basis of management’s current views and assumptions. As a result, there can be no assurance that management’s expectations will necessarily come to pass. These forward-looking statements generally can be identified by phrases such as “believes,” “plans,” “expects,” “anticipates,” “foresees,” “estimated,” “hopes,” “if,” “develops,” “researching,” “research,” “pilot,” “potential,” “could” or other words or phrases of similar import. Forward looking statements include descriptions of the Company’s business strategy, outlook, objectives, plans, intentions and goals. All such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those in forward-looking statements. This press release does not constitute an offer to sell or the solicitation of an offer to buy any security.